“People who don’t have money don’t understand the stress. Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”
– Accountant Alan Dlugash, a specialist in financial planning for the wealthy, explaining the heart-rending consequences of reduced bonuses on Wall Street, where bonuses fell to levels last seen in 2008. This year, the average bonus has collapsed by 14 percent, to $121,150.
(Fortunately, the figure doesn’t include stock options or other unrealized, deferred compensation.)
For more on this calamity and its consequences — canceled trips to Aspen, a four-month rental of a summer home reduced to one month, etc. — see this.
– Jay Bookman